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☆ Housing market: China unveils sweeping measures to rescue its crisis-hit property sector
▼ + stars: | 2024-05-17 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China has unveiled wide-ranging measures to rescue its property sector, including asking local governments across the country to buy unsold homes from beleagured developers and easing rules on purchases. In a coordinated move, the People’s China of China (PBOC) announced that it will set up a nationwide program to provide 300 billion yuan ($41.5 billion) in loans to fund state purchases of unsold homes. The 300 billion yuan provided by the central bank could eventually underpin 500 billion yuan ($69 billion) worth of credit to support such purchases, she estimated. Expectations that Beijing was preparing a plan to have local governments across the country buy millions of unsold homes have successfully buoyed China stocks. On Friday, He also urged local governments to buy back or directly purchase land that has been sold to developers but not yet used.

Persons: Lifeng, Tao Ling, Larry Hu, ”, Société Générale Organizations: Hong Kong CNN, Communist, China Real Estate Business, Macquarie Group, Reuters, provident Locations: China, Hong Kong, Beijing

☆ Twenty arrested in Hong Kong over false document pension withdrawals amid row over UK passport
▼ + stars: | 2023-10-13 | by ( Jessie Pang | Thomson Reuters | Jessie Pang Joined Reuters In After An Internship. She Covers Hong Kong With A Focus On Politics | ) www.reuters.com time to read: +2 min

An evening view of the financial central district of Hong Kong, China October 3, 2023. Hong Kong pension funds have been in the spotlight since the emigration of more than 140,000 Hong Kong people to Britain after 2020 when China imposed a national security law on the former British colony, cracking down on dissent. The authority running the pension scheme then said it would not accept the passport as a valid document for the withdrawal of funds. The agent had allegedly accepted bribes of up to tens of thousands of Hong Kong dollars per applicant, the ICAC said. Hong Kong returned to Chinese rule in 1997.

Persons: Tyrone Siu, Hong Kongers, Hong Kong, Jessie Pang, Nick Macfie Organizations: REUTERS, Britain, British National, Overseas, Provident Fund, Hong Kong Watch, Residents, HK, Thomson Locations: Hong Kong, China, HONG KONG, Britain . Hong Kong, Britain, British, Hong

☆ Guangzhou eases mortgage rules as China ramps up efforts to revive property sector
▼ + stars: | 2023-08-30 | by ( ) www.cnbc.com time to read: +4 min

Guangzhou on Wednesday became the first major Chinese city to announce an easing of mortgage curbs as the government ramps up efforts to revive the crisis-hit property sector and shore up the sputtering economy. Hong Kong's Hang Seng Mainland Property Index rose as much as 3.3% after the Guangzhou city government's announcement. Like its peers, the company has been hurt by a drop in margins as property sales and the value of the homes themselves plummeted as the economy slowed. BANKS MARGINThe mortgage rate cuts will add to margin pressure on banks. China's benchmark banking sector index fell 1.04% after the Guangzhou mortgage announcement while China's CSI300 index gained 0.02%.

Persons: Jackson Wang, Wang, I'm, Raymond Cheng, Vivian Xue Organizations: Guangzhou, Wednesday, Hang Seng Mainland, Country Garden, provident, CGS, CIMB Securities, APAC, Fitch, Reuters Locations: Beijing, Guangzhou, Shanghai, Shenzhen, Hang Seng, Linyi, China, Hong Kong

☆ Singapore's gig workers are its most financially stretched group, DBS study says
▼ + stars: | 2023-07-14 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +1 min

A DBS study conducted in May 2023 found that gig workers were the most financially stretched, with relatively less stable income flows and savings declining year on year to an "unhealthy range." High inflation and interest rates have diminished the purchasing power of Singaporeans — and gig workers and low-income individuals are the most affected. That's according to a new DBS study conducted in May 2023, which analyzed its database of about 1.2 million customers. In Singapore, gig workers are generally self-employed. The expense-to-income ratio of gig workers was 112% in May 2023 — "significantly higher" than the median customer's 57%, DBS said.

Persons: — Organizations: DBS, Central Provident Fund Locations: Singapore

☆ Prosus slashes India's Byju's valuation to $5 bln
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, June 27 (Reuters) - Dutch-listed technology investor Prosus NV (PRX.AS) has slashed the valuation of troubled Indian edtech startup Byju's to $5.1 billion according to its annual report, a fall of more than 75% from the startup's $22 billion valuation last year. Byju's told investors it will file 2022 audited earnings by September and 2023 results by December, Reuters reported. Earlier this year, Blackrock, too, had cut Byju's valuation to $8.3 billion. India's Employee Provident Fund Organisation on Tuesday observed a shortfall in payments from Byju's, Reuters reported. Byju's deposited 1.23 billion rupees ($15.01 million) after the EPFO asked it to.

Persons: Prosus, Byju's, Manvi, Sriram, Pooja Desai Organizations: Prosus NV, Atlantic, BlackRock, Deloitte, Reuters, Blackrock, India's, Provident Fund, Thomson Locations: BENGALURU, Byju's, U.S, Blackrock, Manvi Pant, Bengaluru, Mumbai

☆ We're a millennial couple in Singapore, where real-estate prices are skyrocketing. House hunting was surprisingly easy.
▼ + stars: | 2023-06-02 | by ( Amanda Goh | ) www.businessinsider.com time to read: +5 min

For about a year, he lived with me and my family in our five-room Housing Development Board flat in Holland Village. Housing Development Board flats are public housing, and they're home to about 80% of the country's resident population. The seller's agent told us the Housing Development Board valuation was SG$430,000, and we ended up making an offer of SG$445,000, which was accepted. After the down payment, most people either take a Housing Development Board loan or a bank loan to finance their homes. The Housing Development Board interest rate is fairly stable and has stayed at 2.6% a year for a few years now, though the Housing Development Board acknowledges that it may be adjusted over the year.

Persons: Vanessa Tai, —, They're, hadn't, It's, we're, it's, We're Organizations: Service, Board, Housing, Google, Central Provident Fund Locations: Europe, Singapore, Croatia, Holland Village, Holland, Sengkang, we're

☆ From highs to lows, Everest record breaker sees ‘no future’ in Nepal
▼ + stars: | 2023-05-30 | by ( ) edition.cnn.com time to read: +4 min

Kami Rita Sherpa had stood at the top of the world just days earlier, exultant at having summited Mount Everest for a record 28th time. Kami Rita has climbed Mount Everest a record 28 times. Kami Rita talks to the media at the airport in Kathmandu on May 25, 2023. The country earned $5.8 million in permit fees - $5 million from Mount Everest alone – during this year’s March-May climbing season. “This should be increased to 5 million rupees (about $38,000),” said Kami Rita, gently rubbing a bruise on his cheek.

☆ From highs to lows, Everest record breaker sees 'no future' in Nepal
▼ + stars: | 2023-05-29 | by ( Gopal Sharma | ) www.reuters.com time to read: +4 min

[1/5] Kami Rita Sherpa, 53, a Nepali Mountaineer who climbed Mount Everest for a record 28 times, poses for a picture at his rented apartment in Kathmandu, Nepal May 28, 2023. REUTERS/Navesh ChitrakarKATHMANDU, May 29 (Reuters) - Kami Rita Sherpa had stood at the top of world just days earlier, exultant at having summited Mount Everest for a record 28th time. The country earned $5.8 million in permit fees - $5 million from Mount Everest alone – during this year's March-May climbing season. Expeditions hiring sherpas must take out life insurance for them, but the pay out is just 1.5 million Nepali rupees (about $11,300). "This should be increased to 5 million rupees (about $38,000)," said Kami Rita, gently rubbing a bruise on his cheek.

☆ India's 1-yr, 10-yr yield curve briefly inverts for first time in nearly eight years
▼ + stars: | 2023-03-08 | by ( Dharamraj Dhutia | ) www.reuters.com time to read: +2 min

The 1-year bond yield, that trades close to the 364-day treasury bill yield, briefly rose to 7.4750% earlier in the day, while the 10-year benchmark 7.26% 2032 bond yield was at 7.4728%. The 1-year note last traded above the 10-year bond in May 2015, according to Refinitiv data. The 1-year yield eased to 7.43%, while the 10-year benchmark was at 7.46% as of 4:20 p.m. IST. On Feb. 28, Reuters reported that India's bond yield curve is likely to invert on the back of worsening liquidity deficit in India's banking system and bets of continued rate hikes. Reuters GraphicsThe benchmark 2032 bond yield has risen only 12 bps during the same period, leading to spread compression and ultimately inversion.

☆ India's HDFC raises $3 bln in largest-ever local bond issue-bankers
▼ + stars: | 2023-02-16 | by ( Dharamraj Lalit Dhutia | ) www.reuters.com time to read: +3 min

MUMBAI, Feb 16 (Reuters) - India's Housing Development Finance Corp (HDFC.NS) raised its target of 250 billion rupees ($3.03 billion) in the country's largest privately placed corporate bond issue on Thursday, merchant bankers said. The country's largest housing financier, soon to be merged with private lender HDFC Bank, sold 10-year bonds at a coupon of 7.97% coupon. The issue received 92 bids worth 278.63 billion rupees, of which the company retained 55 bids worth 250 billion rupees, HDFC said in an exchange notice. The NBFC has now raised an aggregate of 784.14 billion rupees through bond issuance in this financial year, the highest by any company. Axis Bank, ICICI Bank, HDFC Bank and ICICI Securities Primary Dealership are the arrangers.

☆ Indian lender HDFC's biggest-ever bond issue to see strong demand - bankers
▼ + stars: | 2023-02-15 | by ( Dharamraj Lalit Dhutia | ) www.reuters.com time to read: +2 min

HDFC aims to raise at least 50 billion rupees ($603.4 million) through the sale of 10-year bonds on Thursday, with an option to retain an additional 200 billion rupees. If the company garners full the quantum, this would also be the biggest-ever privately placed debt issue by an Indian company. Axis Bank, ICICI Bank, HDFC Bank and ICICI Securities Primary Dealership are the arrangers for the bond issue. The company's fundraising via private placement stood below 250 billion rupees in 2013-14. HDFC is raising funds as it would help them meet capital requirements after the upcoming merger with HDFC Bank, bankers said.

LIC and EPFO have combined assets under management of 50 trillion rupees ($604.87 billion). The power and finance ministries, the LIC, PFC and REC did not reply to emails seeking comment. A third government official said the finance ministry was looking at steps to push climate financing. "The investment committee of LIC will have the flexibility to tweak their investments accordingly," Singh said. The power ministry has asked the three power financiers to extend foreign currency loans to Indian borrowers for payment to overseas vendors in order to save hedging costs.

The private lender raised 150 billion rupees ($1.85 billion) through 10-year Tier-II bonds at an annual coupon of 7.86%, for which it had received bids worth 240.80 billion rupees, according to merchant bankers. A large state-run insurance company and a big provident fund house invested an aggregate of 90 billion rupees in this issue, merchant bankers said. HDFC Bank completes its debt sale a day ahead of State Bank of India's bond issue. HDFC Bank is set to be merged with parent Housing Development Finance Corp (HDFC.NS) in the coming months, and both entities have been on a fundraising spree this financial year. While HDFC Bank has raised 30 billion rupees, excluding the latest issue, HDFC has raised around 550 billion rupees through bond issuance.

☆ Grab, Gojek are 'supportive' of Singapore's move to expand job protection for gig workers
▼ + stars: | 2022-11-24 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Southeast Asian tech giants Grab and Gojek said they are "supportive" of recommendations made by an advisory committee to expand gig worker protection in Singapore starting in 2024. In Singapore, platform or gig workers, often ride-hailing or food delivery drivers, have thus far been considered self-employed. As a result, they do not receive employer contributions to the Central Provident Fund, the national pension savings scheme. As of 2020, the city-state's Ministry of Manpower estimated that such workers made up about 3% of the resident workforce, or 79,000 people. Under the CPF measure, both platform workers and platform companies such as Grab, Gojek, Foodpanda and Deliveroo will need to make contributions at the same rate as employees and employers.

☆ China new bank lending nearly doubles after central bank help
▼ + stars: | 2022-10-11 | by ( Judy Hua | Kevin Yao | ) www.reuters.com time to read: +4 min

FILE PHOTO: Paramilitary police officers stand guard in front of the headquarters of the People's Bank of China, the central bank (PBOC), in Beijing, China September 30, 2022. Analysts polled by Reuters had predicted new yuan loans would rise to 1.80 trillion yuan in September. New yuan loans totalled 18.08 trillion yuan in the first nine months, rising 1.36 trillion yuan from a year earlier, central bank data showed. Broad M2 money supply in September grew 12.1% from a year earlier, central bank data showed, in line with analysts’ forecasts in a Reuters poll. In September, TSF rose to 3.53 trillion yuan from 2.43 trillion yuan in August.

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